Prior notification of a concentration (Case M.11695 – TOWERBROOK CAPITAL PARTNERS / CD&R / R1 RCM) – Candidate case for simplified procedure
Date: 2024-08-21
Institutions: Directorate-General for Competition, European Commission
Subjects: United States, business administration, economic concentration, health care system, investment company, merger control, technology








C_202405183EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/5183


21.8.2024






Prior notification of a concentration
(Case M.11695 – TOWERBROOK CAPITAL PARTNERS / CD&R / R1 RCM)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2024/5183)


1.   
On 9 August 2024, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


TowerBrook Capital Partners L.P. (‘TCP’, USA),










—


Clayton, Dubilier & Rice Fund XII, L.P. (‘CD&R Fund’, USA), controlled by Clayton, Dubilier & Rice LLC (‘CD&R’, USA),










—


R1 RCM Inc. (‘R1’, USA).




TCP and CD&R will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of R1.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


TCP provides investment opportunities to clients in large and middle market European and North American companies across a variety of sectors, including consumer goods, financial services, healthcare, technology/media/telecom,










—


CD&R is a private equity investment group based in the USA, which originates, structures and frequently acts as lead equity investor in management buyouts, strategic minority equity investment and other strategic investments in a variety of economic sectors,










—


R1 provides technology-driven solutions that transform the financial performance and patient experience for health systems, hospitals and physician groups in the USA.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11695 – TOWERBROOK CAPITAL PARTNERS / CD&R / R1 RCM
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2024/5183/oj
ISSN 1977-091X (electronic edition)